Outer Banks Oceanfront under $1M

[Cameron Griggs]

Investment Info:

Single-family residence buy & hold investment in Kitty Hawk.

Purchase price: $418,000
Cash invested: $85,000

Oceanfront beach box in Kitty Hawk, NC. 3 bedrooms and 2 bathrooms with 1,000 square feet.

What made you interested in investing in this type of deal?

I saw the potential of the home and knew that oceanfront property would rent if done correctly.

How did you find this deal and how did you negotiate it?

This was an offer market deal that I was able to put together from being a market expert. I created a reputation for selling oceanfront homes in Kitty Hawk, so when one of my colleagues had a listing opportunity, she reached out to me to ask if I had a buyer. At the time, I did not have any buyers looking, so I gathered a few family members and we purchased ourselves.

How did you finance this deal?

Investment Loan

How did you add value to the deal?

We renovated the inside by brightening up the walls and changing the flooring and kitchen.

What was the outcome?

We finished the project at the beginning of COVID and had it ready right as people were flocking to the Outer Banks as a safe vacation spot. The timing couldn't have been better and we have consistently generated over $100k a year since going live.

Lessons learned? Challenges?

Kitty Hawk is in an area that is regulated by CAMA so there are more risks involved than your typical STR. But as long as you are educated on the market with a strong team, it pays off!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself :)